California median home price reaches highest level since December 2007

LOS ANGELES (May 15) –Showing true signs of improvement, California’s housing market continued to perform better than expected in April with both the median home price and home sales increasing month to month, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. However, decreased home affordability remains a challenge for buyers in many areas of the state.

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 394,070 units in April, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. April marked the sixth consecutive month that sales were below the 400,000 level and the ninth straight decline on a year-over-year basis. Sales in April increased 7.4 percent from a revised 367,020 in March but were down 7 percent from a revised 423,690 in April 2013. The statewide sales figure represents what would be the total number of homes sold during 2014 if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

“With home prices increasing by double-digits in 2013, many investors have decided to leave the market which is adversely affecting home sales as a whole,” said C.A.R. President Kevin Brown. “While the number of homes sold continued to decline from a year ago, the better-than normal surge in sales activities in April is encouraging and could be an indication that…

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